Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,696.07 (+3.77%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $344.04 (+5.91%), while XRP has increased by 4.15% and is now trading at $0.233.
FxPro's team of analysts say:
"Speculation about the possibility of the US launching a new support package has resulted in stock market indices growing again, dragging Bitcoin and the rest of the crypto market with them. At the end of the workweek, the reference crypto posted a growth of almost 4% to reach $10,700. Moreover, trading volumes have also increased sharply, by 76%, further consolidating the upward trend. Even though the greed and fear index for Bitcoin and other large cryptos is still in the 'fear' area, it has posted a rise of 7 points to 46.
The total capitalization of the cryptocurrency market has risen almost $13B to $336B overnight. The dependence on what is happening in the traditional market makes Bitcoin price predictions a lot easier in the short term. However, most of this correlation is activated at turning points for the traditional market, while the rest of the time Bitcoin also depends on internal factors. If the reference crypto manages to end the workweek well above $10,000, it might start the next week posting gains. At the moment, the resistance level at $11,000 is an important point, after which we can talk about the recovery of the upward trend."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $337,682,760,765.
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